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Buying commercial property at auction? What about the finance?

If you are looking at buying an investment property at auction you have two choices when it comes to arranging commercial finance.

The first option is that you can wait until you have had your bid accepted at the auction. You can then pay your deposit, and start to think about getting the finance in place. But here lies the challenge. Most auctions have a 28 day limit to raise the required finance, and if it is not in place by the end of the period, you risk losing your deposit.

The second option is to apply for finance before the auction. So you know that a lender will support your purchase, and what terms they are able to provide you with, and how much you can afford to bid on a property. That way, if you are successful in the bidding, you already have a head start in the process.

Remember, what is right for one investor, might be different for another – speak to your local ASC director today to discuss what options might be available to you.

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